What is a loan book?

A loan is a loan book set on the book in your car. If you own a vehicle, it is now possible to obtain a loan with your car or guarantee of safety, where the book as collateral.

How do they work?

The book acts as proof of ownership of the car and the loan is set against the property of the car.

Book loans can be quick and easy way to get a loan. They are suitable for borrowers requiring immediate funds quickly.

The book remains in possession of the lender for the period until the loan has been repaid. The car remains in the possession of the borrower. The borrower must keep the car in good condition and continues to love the road tax and ensure the car has valid insurance and MOT.

Lending criteria

There are basic criteria which must be received by the borrower to get the book ready. Namely:

The vehicle must not be older than 8 years.
The vehicle will not guarantee used
If the vehicle was used as collateral, the vehicle must be free of all the contributions.
Taxes and insurance due on the vehicle must be paid in full before the vehicle logbook is pledged to the loan book.
The vehicle must have passed the technical tests and MOT test to be eligible for loan book. The English each vehicle must be reviewed after every 3 years to verify its validity.
A loan of the borrower should be in full-time employment. He or she should have a regular source of income.
The book must be in the name of the borrower.

A booklet prepared generally do not require credit checks, making it an ideal way of borrowing for people with credit and poor credit. The amount of loan will depend on the lender and the value of the vehicle.